CreditRiskMonitor Reports Strong Operating Income for 1st Half of 2010
August 4, 2010
VALLEY COTTAGE, NY--August 4, 2010--CreditRiskMonitor (OTCBB: CRMZ) reported that revenues increased 20% and 23% to $2.30 million and $4.52 million for the 3 and 6 months ended June 30, 2010, respectively. For the same periods, income from operations of $353,000 and $665,000, respectively, was up sharply from $27,000 and $12,000 in the comparable periods of 2009. Cash, cash equivalents and marketable securities at the end of the six-month period increased $1.36 million to $6.04 million from the 2009 year-end balance of $4.68 million. Jerry Flum, CEO said, "We continue to strongly invest in people, infrastructure and content even though it does and will impact profitability because it's a fundamental part of our business strategy and we are not restrained by financial leverage." CREDITRISKMONITOR.COM, INC.
STATEMENTS OF OPERATIONS
FOR THE 3 AND 6 MONTHS ENDED JUNE 30, 2010 AND 2009 3 Months Ended 6 Months Ended
June 30, June 30,
2010 2009 2010 2009
Operating revenues $ 2,304,873 $ 1,922,437 $ 4,516,575 $ 3,665,563 Operating expenses:
Data and product costs 573,274 565,056 1,171,041 1,065,498
Selling, general and
administrative expenses 1,347,086 1,304,604 2,621,234 2,539,495
Depreciation and amortization 31,548 25,337 59,255 48,992
Total operating expenses 1,951,908 1,894,997 3,851,530 3,653,985
Income from operations 352,965 27,440 665,045 11,578
Other income (expense), net 13,864 (12,206) 14,591 10,343 Income before income taxes 366,829 15,234 679,636 21,921
Provision for income taxes 147,411 1,030 276,742 2,493 Net income $ 219,418 $ 14,204 $ 402,894 $ 19,428 Net income per share:
Basic and diluted $ 0.03 $ 0.00 $ 0.05 $ 0.00
CREDITRISKMONITOR.COM, INC.
BALANCE SHEETS
JUNE 30, 2010 AND DECEMBER 31, 2009 June 30, Dec. 31,
2010 2009
(Unaudited) ASSETS
Current assets:
Cash and cash equivalents $ 4,822,427 $ 4,679,466
Marketable securities 1,220,931 --
Accounts receivable, net of allowance 1,229,719 1,370,523
Other current assets 105,166 253,857 Total current assets 7,378,243 6,303,846
Property and equipment, net 295,019 261,591
Goodwill 1,954,460 1,954,460
Deferred taxes on income 641,651 913,503
Prepaid and other assets 37,914 23,116 Total assets $ 10,307,287 $ 9,456,516 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Deferred revenue $ 5,898,206 $ 5,321,116
Accounts payable 48,216 42,614
Accrued expenses 488,337 698,832 Total current liabilities 6,434,759 6,062,562 Stockholders' equity:
Preferred stock, $.01 par value; authorized
5,000,000 shares; none issued -- --
Common stock, $.01 par value; authorized 25,000,000
shares; issued and outstanding 7,899,462 and
7,849,462 shares, respectively 78,994 78,494
Additional paid-in capital 28,408,274 28,333,094
Accumulated deficit (24,614,740) (25,017,634) Total stockholders' equity 3,872,528 3,393,954 Total liabilities and stockholders' equity $ 10,307,287 $ 9,456,516 CreditRiskMonitor (http://www.crmz.com) is an Internet-based publisher of financial information, designed to save time for busy corporate credit professionals that competes with Dun & Bradstreet, Equifax and Experian.
Safe Harbor Statement: Certain statements in this press release, including statements prefaced by the words "anticipates", "estimates", "believes", "expects" or words of similar meaning, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, expectations or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements, including, among others, those risks, uncertainties and factors referenced from time to time as "risk factors" or otherwise in the Company's Registration Statements or Securities and Exchange Commission Reports.
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